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HomeMy WebLinkAbout0922 UNIFORM COVENANTS. Bor~ower and Lertder covenant and agrce as foliows: 1. Payment ci Friacipal aad Iaterah, PrePaymeat ae~d Late Gltarges. Borrower shall promp:ly pay when due the pnncipal of a~d interest on the dtbt evidenced by the Note and any przpayment and late charges due under the Note. 2. Fuads for Tut~ aad Iasuranee. Subject to applicable law or to a w•ritttn waivtr by Lencier, Borrower shall pay to Lender an the day monthly paymrnts are due undtr the Noie. until the Notc is paid in fuli, a sum ("Funds") equal to one-twelRh of: (a) yesrly taxes and assessments which may attain priority ovtr this Security Instrument; (b) yearly leasehold payments or gro~nd renu on the Prope~ty. if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums. if any. These items are called "escrow items. Lender may estimate the Fun~s due on the basis ofcurrent data and reasonable atimata of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insur~d or guara~teed by a federal o: state agency (including I.ender if I.ender is such an institution). Lender shali apply the Funds to pay the ~crow items. l.ender may ~ot charge for holding aRd appiying the Funds. analyzing the acrount or veril'ying the es~.row items, unless L,ender pays Borrower interest on the Funds and applicable law permits Ixnder to make such a charge. Borrower and Lender may agree in writing that intcrest shall be paid on th~ Funds. Unless an agreement is made or applicable law requires interest to be paid, I.ender shall not be require~i to pay Borrower any interest or earnings on the Funds [.ender shall give to BorroW~er, without charge. an annual accuu~ting of the Funds showing credits and debits to the Funds and the purpc~se fo~ wfiich rach debit to the Funds was made. The Funds are pledgad as additional security for the sums secured by this Se~:urity Instruniet~t- If the amount of the Funds held by Lender. together with the future monthly payments af Funds payable prior to the due dates of the escrow items. shall eaceed the amount requirod to pay the escrow items when due, the excess shall be, at Borrower's option. eiiher promptly repaid to Aorrower or crrdited to Borrower on monthly payments of Funds. If'the amount of the Funds htld by Ltndtr is not sufticient to pay the escruw items when due, Borrower shall pay to Ixnder any am~unt necessary to make up the deficiency in one or more payments as required by Lender. Upon payment in full of all sums secu~ed by this Security Instrument. Lender shall promptly refund to Borrower any F::~?ds held by Lender. If under paragraph 19 the Property is sold or acquired by I.ender, Lender shall apply, no later than immediately prior :o the sale of the Property or its acquisition by Lende~, any Funds hetd by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides othenvise, all payments receivec! by Lender under paragraphs 1 and 2 shall be applied: first. to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Cl~arges; Liens. Bonower shall pay all taxes, asscssments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, aad leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that mann:r, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evideneing the payments. Borrower shall promptly discharge any tien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the ~ayment of the obligation secured by the lien in a manner acceptable to Lender; (b) contesis in govd faith the lien by, or defends against enforcement of the lien in, legal Rroceedings which in the Lender's opinion operate to prevent the enforcement of the lien os forfeiture of any part of the Property; or secures from the holder of the tien an agrePment satisfactory to L.ender subordinating the lien to this Security instrument. [f Lender determines that any part of the Property is sebjec.t to a lien which may attain priority over this Security Instrument, Lender may gi~~e Borrower a notice identifying the lien_ Borrower shall satisfy the lien or take one or more of the actions set forth above w~ithin 10 days of the giving of notice. S. Hazard Insarance. Borrower shall keeF the improveme~ts now ezisCing or hereafter erected on the Property insured against loss by fire, hazards included within thc term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. I he insurance carrier providing the insurance shall be chosen by Borrow~er sub~ect to Lender's approval which shall nat be unreasonably withheld. Alf insurance policies and renewals shall be acceptable to Lender and shal) include a standard mortgage clause. Lender shall ha~~e the right to hold the po:icies and renewals. If Lencler requires, Borrow•er shai! promptly give to Lender all receipts of' paid premiums and renewal notices. In the event of tnss, Borrower shall give prompt noti~P to the insuranee carrier and Ler~~er. Lender may make prooFof loss if n~t made prompily by Borrower. Uniess Lender ar:d F3orrowcr oiherwise agree in w riting, insurance proceeds shall be applied to restoration or repair of ihe Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or L.ender's secur.ty would be lessened, the insarance proceeds shall be applied to the sums s~.~ured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Pr~perty, or does not answer withirt 30 days a notice from Lender thai the insurance carrier has offered to settle a claim, then Lender may collect the ins;~rance proceeds. Lender ma~• use the proceeds to repair or restore the Praperty or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or " postpone the due ~ate of the monthly payments referred to in paragraPhs 1 and 2 or chac~ge th° amount of the pa~~ments. If , under paragraph 19 the Property is acquired by Lender, Borrowei s right to any insurance policies and proceeds resulting from damage io the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Securit}• Instrument immediately prior to the acguisition. 6. Preservation and ~iair.te~~ice of Property; I.easehoids. Borroa~er shal) not destro}•, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If ihis Security Instrument is tm a leasehold, Borruwer shall comply with the pmv~sions of the lea~e, and if Borro;~er acquires fee title to the Property, the leasehoid and fee title shal! not merge unless Lende: agrees to the merger in writing. 7. Protection of I.endPr's Rights in t6e Property; A'Iortgage Insurance. If Borrower fails to perform ~the ~ covenants and agreements contained in this Security Instrument, or there is a legai psxeeding that may significantl~• aflect Lender's rights in !he Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce law•s or regulations), then Lender may do and pay for whatever is necessary to protect fhe value of the Property and Lender's righ;s in the Praperty. Lender's actiens may include paying any sums secured by a lien which has priority over :his Security Instrument, appearing in court, paying reasonable attorneys' fees and entecing on the Property to make repairs. Al:hough Lender may take action under this paragraph 7, Lender does not have to do so. Any an~ounts disbursed b}~ Lender under this paragraph 7 shall become additionai debt of Borrouer ~~cured b}• this Security Instrument. Unless Borruwer and Lender agree to other terms of ~:ayment, these amounts shall bear interest from the date of disbursement at the Note rate and shail be payable, w~ith interest, upon notice fr~m Lender to Borrower req~~esting payment. BOGK 5~1 P~GE ~L.l - - - ~ - - - - - - - - - - - - - - - - - -